STOCKHOLDERS' EQUITY AND NET LOSS PER SHARE

3 Months Ended

Mar. 31, 2023

Stockholders' Equity And Earnings Per Share [Abstract]

STOCKHOLDERS' EQUITY AND NET LOSS PER SHARE

STOCKHOLDERS’ EQUITY AND NET LOSS PER SHARE

The Company has two classes of common stock: Class A common stock and Class B common stock. Shares of Class A common stock and Class B common stock are identical, except with respect to voting and conversion rights. As of December 31, 2022 and March 31, 2023, 918 million and 931 million shares of Class A common stock were issued and outstanding, respectively. As of December 31, 2022 and March 31, 2023, 8 million shares of Class B common stock were issued and outstanding. As of December 31, 2022 and March 31, 2023, 3,500 million shares of Class A common stock and 8 million shares of Class B common stock were authorized.

Because the rights of the holders of Class A and Class B common stock, including liquidation and dividend rights, are identical except with respect to voting and conversion rights, undistributed earnings are allocated on a proportionate basis. As a result, net loss per share attributable to common stockholders is the same for Class A and Class B common stock, whether on an individual or combined basis.

Diluted net loss per share is computed by giving effect to all potential shares of common stock, to the extent dilutive, including shares underlying the 2029 Green Convertible Notes, stock options, unvested RSUs, shares underlying the Company’s ESPP, stock warrants, and other stock-based awards. Potential shares of common stock are excluded from the computation of diluted net loss per share if their effect would have been anti-dilutive for the periods presented or if the issuance of shares is contingent upon events that did not occur by the end of the period, in the case of the 2029 Green Convertible Notes, stock options with a market condition, and other stock-based awards. The number of potential shares of common stock outstanding during each period that were excluded from the computation of diluted net loss per share is as follows (in millions):

	Three Months Ended March 31,
	2022	2023
2029 Green Convertible Notes	—	75
Stock warrants	12	12
Stock options	65	62
RSUs, ESPP, and other stock-based awards	39	43
Total	116	192

A reconciliation of the numerator and denominator used in the calculation of basic and diluted net loss per share is as follows ((in millions), except per share data):

	Three Months Ended March 31,
	2022		2023
Numerator
Net loss attributable to Rivian	$	(1,593)	$	(1,349)
Net loss attributable to common stockholders, basic and diluted	$	(1,593)	$	(1,349)
Denominator
Weighted-average Class A and Class B common shares outstanding - basic	901		930
Effect of dilutive securities	—		—
Weighted-average Class A and Class B common shares outstanding - diluted	901		930
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted	$	(1.77)	$	(1.45)